KUALA LUMPUR: Salutica Bhd
, a one-stop solution provider for the manufacture of consumer electronic products in Malaysia, has received Bursa Malaysia Securities Bhd’s approval for a listing on the ACE Market.
The Ipoh-based company said in a statement that the proposed listing was expected to strengthen its position as a vertically integrated consumer electronics manufacturer and further enhance its corporate reputation as well as brand name recognition.
Salutica’s wholly-owned subsidiary, Salutica Allied Solutions Sdn Bhd, is a vertically integrated manufacturer which can provide a full range of manufacturing services to its customers, as well as being principally involved in the design, development and manufacture of consumer electronic products such as Bluetooth related devices and other electronic products for internationally well-known brands.
Salutica, which has about 800 employees at a manufacturing plant with a total built-up area of some 30,000 sq metres, launched its in-house brand, FOBO, in April 2013.
Salutica’s range of FOBO products, which use Bluetooth 4.0 technology, includes security tags, namely FOBO Tag and FOBO MAX as well as a broad range of tyre pressure monitoring system devices for motorcycles, cars, light trucks and vans.
The FOBO products are mainly exported to overseas markets such as the United States, Europe, China, United Kingdom, Japan, Australia, Germany, France and Russia.
Salutica’s proposed initial public offering will involve a total of 101 million ordinary shares of 10b sen each comprising a public issue of 78 million new shares and an offer for sale of 23 million existing shares.
Managing director and chief executive officer James Lim said that armed with equity from the capital markets, the group was optimistic with regards to its growth prospects and remained committed to sustained value creation for both its shareholders and stakeholders.
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